Shackleton acquires London-based advice firm

Shackleton Advisers has acquired London-based financial advice firm Parallel Financial, adding £360m in assets under advice/management.

The acquisition, which has received approval from the Financial Conduct Authority, will also see 12 members of staff, including four advisers, moving to Shackleton.

Parallel specialises in providing advisory services to clients in the creative, media, art, film, TV, and technology sectors.

Shackleton said the acquisition further strengthened its presence in London as part of its ongoing nationwide expansion, and bolstered its specialist capabilities in advising on financial planning matters for creative and media professionals.

The terms of the acquisition were not disclosed. Buyside assistance was provided by Pinsent Masons (legal), PwC (financial & tax), Thistle (compliance), and Foxtech (IT & cyber). The deal was brokered by Gunner & Co.

“I’m absolutely delighted that we have been able to attract founder Malcolm Lyons and the whole talented team at Parallel to Shackleton,” commented Shackleton chief executive officer, Paul Feeney.

“Our country has long been recognised as a global leader in the creative industries; as Britain’s financial adviser, this acquisition positions us exceptionally well to serve the specific needs of clients in fields such as the media and performing arts, which bring such joy to so many of us. It is an honour and a privilege to be able to do so.”

Parallel founder and managing director, Malcolm Lyons, added: “Paul has impressed me hugely right from our initial engagements, and I’m thrilled to have found in Shackleton a firm that truly shares and understands the values that are so fundamental to everything we have built.

“Spending time with our clients is the aspect of the work that my colleagues and I have always enjoyed the most.

“With a view to facilitating that, it became clear to me through an extensive search for a partner firm that joining Shackleton would be an overwhelmingly positive development for our clients and colleagues.”

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